China’s Belt and Road Initiative: What Does it All Mean?

On May 14, 2017, twenty-nine national leaders, including Russian President Vladimir Putin and Turkey’s President Recep Tayyip Erdogan, were among the 1,500 people gathered at the China National Convention Center in Beijing to hear President Xi Jinping’s remarks opening the Belt and Road Forum (BARF). There, Xi announced another $14.49 billion for the Silk Road Fund, to bring its total to nearly $55 billion. Xi also noted that the China Development Bank and the Export-Import Bank of China will set up special lending plans worth $40 billion and $21 billion respectively to support Belt and Road cooperation.